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Guangzhou Grandbuy Q1 profit falls YOY

Guangzhou Grandbuy Co. Ltd. said its normalized net income for the first quarter came to 14 fen per share, a decline of 18.1% from 18 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 49.8 million yuan, a decrease of 16.5% from 59.7 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.6% from 2.9% in the year-earlier period.

Total revenue decreased year over year to 1.94 billion yuan from 2.03 billion yuan, and total operating expenses declined from the prior-year period to 1.86 billion yuan from 1.94 billion yuan.

Reported net income increased 7.0% on an annual basis to 72.4 million yuan, or 21 fen per share, from 67.7 million yuan, or 20 fen per share.

As of April 20, US$1 was equivalent to 6.20 yuan.